Oceanteam Secures $14.6 Million Subsea E.ON Installation Contract

Oceanteam ASA announced today that it had signed a contract with E.ON Netz GmbH for Cable Installation Services associated with the Alpha Ventus Offshore Wind Park in Germany, due for installation in 2008.

The contract will be executed in Q3 2008. The commercial terms between the parties remain confidential.

The scope of work consists of the laying and trenching of a 60km subsea cable to connect the Wind Park Alpha Ventus to the grid. The cable installation works will be undertaken with the CLV Team Oman, Cable Lay Barge Oceanteam Installer and shallow water vessels for nearshore works.

The estimate contract value is U.S.$14.6 million.